Byju’s CFO Quits And Rejoins Vedanta To Oversee Restructuring

Ajay Goel’s resignation will be a setback for Byju’s

Vedanta Ltd. has picked the chief financial officer of ed-tech titan Byju’s to replace the current finance head, who is said to have quit after a few months in the job, ahead of an ambitious restructuring at Anil Agarwal’s mining conglomerate, according to people familiar with the matter.

Ajay Goel will be returning to Vedanta, which he had quit in April, in time to help with splitting the metals firm into six listed companies, they said, asking not to be named as the information is not public. Sonal Shrivastava, who had joined the firm in June, informed Agarwal about her plan to quit last month, and a decision on her departure is expected as early as this week, Bloomberg reported on Monday.

Spokespersons for Byju’s and Vedanta didn’t immediately respond to requests for comments.

Parent Vedanta Resources Ltd. faces about $3 billion of bond repayments in the next two years, and having a professional with previous experience at the group will help Anil Agarwal. The firm has been engaging with bondholders on a potential restructuring of terms for the upcoming maturities.

At the same time, Ajay Goel’s resignation will be a setback for Byju’s, which is yet to file the much delayed audited financial results for the year to March 31, 2022.

Shareholders are growing impatient with the slow progress in finalizing accounts at the ed-tech startup once deemed India’s most valuable.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)